Investor Presentation (update – Feb 2026)

2026 • Investor Presentation • 1

ALTRI OVERVIEW

Key highlights

Key numbers

AVG

2017-2025

ROCE: 17.6%

Cash Div. Yield 6.2%

Revenues EBITDA

EBITDA mg

2024

EUR 855 M

EUR 218 M

25.5%

1.

Market Cap € 0.9 bn

Floated in Lisbon's Euronext since 2005

75.6% Reference Shareholders

1. 24.4% Free Float

   3.

   1. Europe's most efficient HW Pulp Producer

   2. Top Ranked in Sustainability in the Industry Worldwide

   3. Diversifying into sustainable textile fibers and

Bioproducts

ALTRI OVERVIEW

1.

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The global BHKP* market enjoys secular growth drivers

*BHKP: Bleached Hardwood Kraft Pulp

Global demand for BHKP is expected to increase about 0.7M tons/year until 2028

BHKP Global Demand

47

45

43

41

39

37

2025E 2028E

*equivalent to an average c. 0.7 M tons/year in the 2025-2028 period

Source → PPPC´s Chemical Market Pulp Forecast 2025-2029 (Nov. 2025).

The increase is driven by Tissue, Packaging and Specialties

≈2.0 M/ton

until 2028

The average pulp price (BHKP) since 2021 stands at US$ 1,135/ton - sector specialists point for mid-term prices above US$ 1,400/ton*

Average (gross price)

2021- 2025

*included in Hawkins Wright report " The Outlook for Market Pulp - December 2025"

Global demand for DP is expected to grow about a quarter of a million tons/year until 2028

DP Global Demand

9

8

7

2025E 2028E

*equivalent to an average c. 0.2 M tons/year in the 2025-2028 period

Source → Numera Analytics 2025-2029 (December 2025).

The increase is driven by Viscose (VSF) and Lyocell

Dissolving pulp price (DP) averages a premium of 47% vs BHKP in the last 5y- sector specialists point for a mid-term premium to BHKP of 45%*

Source: FOEX and Zhengzhou Commodity Exchange.

944 US$

Average (net price)

2021- 2025

*included in Hawkins Wright report " The Outlook for Dissolving Pulp - December 2025"

POSITIVE MEDIUM-TERM OUTLOOK

for the P&P industry, despite short term tariffs' tensions

1.

Global Pulp Demand has grown in the last years and is our belief that trend should continue in the next years, led by the Asian region. Although that is our base scenario, we seen some slowdown during the 1H25, more attributable to the US commercial tariffs policy. Already in 2H25 we have seen some normalization with demand levels showing a recovery.

2.

After a difficult pricing environment during the 1H25 related with the tariffs' situation, Pulp Prices have recovered during the second half of 2025, correlated with some recovery coming out of China. Although we are seeing some Asia led recovery in volumes, we see some resistance in price recovery due to additional pulp capacity in the China coupled with additional local wood availability.

3.

Inventories at European Ports remain broadly stable in the past 12 months, to be currently slightly below the estimated equilibrium level of 1.4M -1.5m.

4.

New capacity investment cycle from LatAm players should only resume by end of 2027-2028. The Chinese market has absorbed the previous new capacity given a strong organic market growth in 2023, restocking and market pulp purchases by high-cost integrated players. We have some news of added supply from China during the next years, which apparently should be mostly for full integration.

5.

Higher growth segments such as textiles and paper packaging, should continue to be a positive factor for market growth prospects.

2.

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Operational excellence in the cellulosic fibers business

ALTRI'S ASSETS

At a national level, Altri's presente in 163

municipalities with forest area under management

Three fiber-production mills

1 145 000 tons/year

Celbi Caima

850 000 tons/year 115 000 tons/year

Bleached (BEKP)

Used primarily to produce tissue and printing & writing paper.

Biotek

180 000 tons/year

Dissolving (DWP) Used mostly in textile production.

Forest area under management

100 867 ha

Of which

11 650 ha

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Are conservation areas

DEVELOPING AND RENEWING THE FOREST

Strategy for the conservation and promotion

of a diverse biological landscape

Cork Oak and Holm Oak groves and forests 4,6%

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MARKET

altri

Acting in

4 cont

building a more

Sales per Region 2024

Europe 62%

Middle East & N. Africa 25%

Asia 13%

and more than

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CONSUPTION SEGMENTS 2024

STRONG COMMITMENT

to achieve the 2030's SDG

COMMITMENT

COMMITMENT AND ALIGNMENT WITH OTHER SUSTAINABLE DEVELOPMENT GOALS

-51% GHG Emissions

Commitment to reduce the CO2efootprint, with a 51% reduction target by 2030 of GHG emissions (scopes 1 and 2).

-50% Water Use

Altri is already a World reference in water usage but aims to reach an even higher level with a reduction of 50% by 2030.

80% Certified Wood

Altri's Forest Assets are

all certified (FSC® & PEFC ) and we aim to use 80% wood from certified suppliers by 2030 (vs. 57% in 2018).

Zero Fossil Fuels

All units operate fossil fuel free by 2030.

Caima, one Altri's three plants, has already achieved energy autonomy without the use of any fossil fuel since December 2023.

Gender Diversity

Double the number of women in leadership positions.

Biodiversity

Altri has an ambitious plan to double the natural conservation area under its management by 2030 (from 8,000 ha in 2018), defending the diversity of our environmental heritage.

ESG & SUSTAINABILITY

Altri is at the forefront in terms of environmental transparency by including its carbon footprint and water usage (per ton. of produced pulp) in its invoices.

THE ALTRI GROUP'S SUSTAINABILITY EFFORTS HAVE BEEN RECOGNISED BY EXTERNAL ENTITIES

Rating ESG First Response 2025 Peers

SUSTAINALYTICS

2020 Industry - Paper & Forest

Scale: 100 to 0

25,2

Medium risk

11,1

Low risk

2nd

out of 71

CDP

2021

Above

Scale: 100 to 0

Climate A-Forest B Water B

Climate A Forest A-Water A-

industry average

Global

ECOVADIS

2026 • Investor Present

ation

Scale: 100 to 0

Platinum Platinum Top 1%

1.

Analyse selective opportunities in the pulp space.

2.

3.

Organic growth, debottlenecking and process optimisation .

Focus on specialties and high growth segments, such as textiles and bioproducts.

Analyse selective opportunities in the pulp space.

4.

Organic growth, debottlenecking and process optimisation .

Focus on specialties and high growth segments, such as textiles and bioproducts.

5.

6.

Focus

Growth

KEY PLANS FOR THE FUTURE

3.

1. M&A- AeoniQ (Sustainable Textiles)

2. Biotek conversion into DP

3. Acetic Acid and Furfural

   2026 • Investor Presentation • 20

4. Project Gama (DP+Lyocell)

M&A - Aquisition of AeoniQTM (58,7% stake)

Entering into Sustainable Textiles

AeoniQ -Innovation at the core

• Altri acquired a 58.7% stake in AeoniQ in the 3Q25;

• Altri's investment, incudes a capital increase, will support the development of

  AeoniQ 's commercial-scale production capacity;

• Decisive step in the sustainable textiles sector, reinforcing its strategic vision of

diversifying into high-value, low environmental impact cellulosic applications.

• AeoniQ is a swiss based company that developed the world's first biodegradable,

  climate-positive cellulosic filament designed to replace polyester and nylon;

• The AeoniQ platform is set to transform the global textile industry by offering a fully circular, plastic-free alternative that replicates the performance of synthetic fibers-without their environmental impact.

  • As part of the agreement, the world's first AeoniQ industrial plant will be built at

    Altri's fiber unit Caima;

  • Construction scheduled to begin in early 2026, with an initial capacity of 1,750/tons

    per year;

    2026 • Investor Presentation • 21

  • In addition to the existing pilot line in Austria, a pre-industrial unit will be launched in Portugal in early 2026, to accelerate the development of prototypes, brand partnerships, and capsule collections.

M&A - Aquisition of AeoniQTM (58,7% stake)

NEW PROJECTS - Biotek Conversion to DP

NEW PROJECTS - Acetic Acid & Furfual in Caima

NEW PROJECTS - Gama (DP+ Lyocell) in North Spain

4.

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FINANCIAL PERFORMANCE

improves significantly given better market conditions

Revenues +9%

788

855

Period

2024

EBITDA +59%

137

218

Period

2024

EBITDA mg

17,4%

25,5%

Period

2024

+8.1 p.p.

2023

2023

2023

€M

600 700 800 900

€M

60 90 120 150 180 210 240

10% 20% 30%

FINANCIAL PERFORMANCE

affected by lower prices mainly due to lower economic

expectations in the Asian market (US tariffs, etc)

Revenues -20%

670

538

Period

9M25

EBITDA -61%

€M

180

69

Period

9M25

EBITDA mg

26,9%

12,9%

Period

9M25

-14.0 p.p.

9M24

9M24

9M24

€M

0 200 400 600 800

0 40 80 120 160 200 240

0% 10% 20% 30%

CASH COSTS

Focus on optimizing variable costs, aiming to reduce

cash cost in 2025 to mitigate market environment

Electricity & Natural Gas

The Group has a stable regulatory framework, under the regulated regime since February 2025 at Celbi and May 2025 at Caima, allowing to sell electric energy at a regulated price per MW/h. We maintain a positive energy balance between the electricity that is produced, energy consumed and natural gas costs.

Wood

After a material price inflation during 2022, we saw declining pricing trends in 2023 and a stabilisation during 2024 and 2025.

Chemicals

Chemical costs have continued to trend lower since late 2023/early 2024, given its strong correlation with energy prices. Current pricing level in line with 2024.

HEALTHY FINANCIAL POSITION

With funding provided mostly by domestic banks

Years of Average Maturity

38%

Fixed rate Financial Debt

2026 • Investor Presentation •